Are money worries affecting your mental health?

Worrying about whether you’ll be able to cover your mortgage or rent payments, soaring gas and electricity bills and other steep household costs can take a huge toll on your mental health.

Financial worries can often escalate quickly, leaving you fearful about possibly losing your home, or even being able to cover food bills. Tragically, growing numbers of people are finding themselves pushed into debt, with some forced to choose between heating or eating.

According to research by Nationwide Building Society, money worries see six in 10 people go to work when ill, and one in three ignore doctor’s advice due to financial concerns.

Many people feel a huge sense of shame when they are experiencing money difficulties, and this can often prevent them from opening up to loved ones about the problems they are having. According to financial planning company Tilney, 39% of people in the UK don’t believe they can confide in their partner, spouse or family friend if they feel anxious about money. However, keeping your financial worries to yourself won’t help solve them and the longer you bottle it all up, the harder it can be to talk about the issues you’re facing.

Zoe Bailey, chartered financial planner at Tilney, said: “People need to feel like they can access professional guidance where necessary, rely on loved ones when they’re in need of support and find some comfort in just talking to others. It’s been a tough year for lots of us, so recognising the link between our mental and financial health, and prioritising both, will reap rewards for our overall security and well-being.”

Here, we look at what the government and financial institutions are doing to support those who may be experiencing mental health issues due to money worries, and where to go for help if you need someone to talk to.

Author: wpadmin

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